Over 100 Cryptocurrency Companies Push for US Senate to Advance Market Regulation Bill

A large coalition of US cryptocurrency businesses and trade organizations has urged the Senate Banking Committee to proceed with a markup of the proposed Clarity Act, which aims to establish a federal framework for cryptocurrency markets. In a letter addressed to key committee members, the coalition emphasized that regulatory stability cannot be achieved through agency actions alone, citing the risks of reverting to a pattern of 'enforcement-based regulation' as seen in recent court cases involving the SEC and CFTC under the Biden administration. The letter is supported by over 100 signatories, including prominent companies such as Coinbase, Circle Internet, Kraken, Ripple, and major investment firms, as well as developer groups and state blockchain associations. The coalition has identified six key priorities for lawmakers, including the protection of consumer rewards associated with payment stablecoins, the definition of clear oversight roles for the SEC and CFTC, and the protection of non-custodial tool developers. Additionally, the group is advocating for simplified disclosure rules and a federal standard to prevent a patchwork of state laws, warning that the lack of US legislation may drive investment, jobs, and development overseas, as other major jurisdictions like the European Union have already implemented comprehensive cryptocurrency frameworks. According to Ji Hun Kim, CEO of the Crypto Council for Innovation, 'America needs clear, comprehensive rules for digital asset markets. It's a global competition, and it's crucial for the US to take the lead.' Kim emphasized that the Senate Banking Committee can build upon years of bipartisan efforts and the success of the GENIUS Act by advancing legislation that provides regulatory clarity, robust consumer protections, and strong safeguards for developers, ultimately moving closer to establishing durable rules that set the global standard for digital asset markets.